Vietcombank to sell 10 percent stake to foreign investors

Tuesday, 2018-02-27 04:06:28
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NDO/VNA - The Commercial Bank for Foreign Trade of Vietnam (Vietcombank) is planning to sell more than 350 million shares, or a 10 percent stake, to foreign investors during the first half of 2018.

The bank’s decision comes after receiving the green signal from the Government, Nikkei reports.

Vietcombank Chairman Nghiem Xuan Thanh said that the plan for the private equity placement had been approved by the relevant authorities. The shares will be issued by way of a public auction or private placement to a limited number of foreign investors.

He said the Singapore sovereign fund GIC was among the potential buyers. Japan’s Mizuho Bank, the biggest foreign investor in Vietcombank with a 15 percent stake, will also be allowed to buy additional shares to maintain its ownership ratio at the bank.

In Vietnam, foreign ownership in state banks is capped at 30 percent.